Singh broth­ers, ex-pro­mot­ers of Ran­baxy & For­tis, held for fraud

For­mer Reli­gare CMD Ar­rested For 2,397Cr ‘Loss’

The Times of India (New Delhi edition) - - Times Sport - Som­reet.Bhat­tacharya @times­

New Delhi: The eco­nomic of­fences wing of the Delhi Po­lice on Thurs­day ar­rested for­mer Reli­gare pro­moter Shivin­der Mo­han Singh and the com­pany’s ex-CMD Su­nil God­hwani for al­leged de­fault in re­pay­ment of dues and caus­ing wrong­ful loss of Rs 2,397 crore to Reli­gare Fin­vest Ltd (RFL). Late in the night, Shivin­der’s elder brother and Reli­gare co-pro­moter Malvin­der, also an ac­cused in the case, was de­tained from Lud­hi­ana.

➤ These group com­pa­nies are al­leged to have wil­fuly de­faulted in re­pay­ment; RFL suf­fered a loss of 2,397cr

➤ When the fraud was de­tected, the Singh broth­ers ex­ited the boards of REL and RFL in April 2018

Two for­mer top ex­ec­u­tives of the com­pany, Kavi Arora and Anil Saxena, were also ar­rested for their al­leged in­volve­ment in the case. The po­lice ac­tion against the broth­ers marks a stun­ning fall for one of the best-known busi­ness fam­i­lies in Delhi and the count➤ RFL’s new man­age­ment filed an FIR with the EOW of Delhi Po­lice against the Singh broth­ers and other top man­age­ment of the com­pany

ry. Malvin­der and Shivin­der’s fa­ther late Parvin­der Singh had set up Ran­baxy, which was the coun­try’s largest pharma com­pany, and the family also founded For­tis, which runs a chain of hos­pi­tals across In­dia.

The broth­ers have been

ousted from Reli­gare and For­tis af­ter they pledged their shares to raise money, but could not re­pay the loans, set­ting the stage for a rapid slide for the scions of the top busi­ness family.

Shivin­der (L) & Malvin­der

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